Best Family Floater Health Insurance Policies in 2023 – Benefits, Coverage and Eligibility
A family floater health insurance plan is a tailor-made insurance policy that covers the healthcare expenses of the policyholder’s entire family. By obtaining this policy, an individual can do away with the hassle of maintaining multiple health insurance policies.
Following is a look at everything about the benefits, exclusions, eligibility, claim process and the 10 best family floater health insurance plans in India.
10 Best Family Floater Health Insurance Plans in India
The best family health insurance plans entail maximum floater sum insured, lifelong renewability, and other features that make them desirable among the masses. Here is a list of the best floater cover in health insurance plans available in India:
- Navi Health Insurance Policy
- Care Health Plan
- Oriental Happy Family Floater Mediclaim Plan
- Star Family Health Optima Plan
- United India Family Medicare Policy
- National Insurance National Mediclaim Policy
- Bajaj Allianz Health Guard Family Floater Plan
- SBI General Retail Health Insurance
- New India Family Floater Mediclaim Policy
- HDFC ERGO Optima Restore Family
The aforementioned plans offer both individual and floater cover and comprise unique features that vary from one another.
How Does a Family Floater Health Insurance Plan Work?
The family floater health insurance extends medical coverage to an individual’s entire family, including parents. That is, the entire family is insured under one plan. For instance, you purchase a family floater policy with a sum insured of Rs. 15 lakh for a year for your spouse, parents and yourself. All these members can claim the amount during medical emergencies.
Now one day, you require Rs. 5 lakh for your mother’s knee surgery. After your mother claims those Rs. 5 lakh, you will be left with Rs. 10 lakh coverage from the family floater insurance which the rest of the family members can claim for the remaining of the year.
However, if your mother needs to claim the entire sum for her surgery, nobody from the family will be able to make any further claims from the insurer for that particular year.
Benefits of Purchasing Family Floater Health Insurance Plans
Floater cover in health insurance allows policyholders to cover themselves and family members under one policy, offering easy management. To that cause, let’s look at some other benefits of possessing a floater plan.
- Affordable
As a member can get health insurance cover for him/herself and the entire family by opting for a single plan, it is an affordable option over buying several individual insurance plans. - Add-on benefits
Such plans are profitable options when it comes to add-on benefits such as maternity covers. - Tax benefits
Under Section 80D of the Income Tax Act, 1961, policyholders of floater plans can avail of tax benefits. - Easy addition of members
Policyholders can add members like immediate family, spouse, new-borns etc., in their family floater plan. - Higher sum insured
These health insurance plans have a higher sum insured than an individual plan.
Also Read
Coverage Under Family Floater Health Insurance Plans
Family floater insurance plans extend coverage to the family of the primary beneficiary. This includes:
- Primary insured individual
- Spouse
- Dependent children(maximum 4)
- Parents and Parents-in-law (maximum 2)
Additionally, these days a few insurance-providing companies are also willing to include siblings in the family floater insurance policy.
Eligibility Parameters to Avail a Family Floater Health Insurance Plan
Here are the eligibility criteria members must meet before proceeding to purchase a health insurance plan:
- Age: In this type of plan, the eldest member of the family will become a policyholder. He or she should be between 18 to 65 years of age to avail of this insurance.
- Dependent children’s age: A dependent child of a minimum of 90 days and a maximum of 25 years can avail of coverage under this scheme.
- Medical check-ups: The number of medical tests a policyholder needs to undergo depends on the insurance providers.
- Renewability: Mostly, all insurers offer lifelong renewability on a family floater plan. Members need to renew the plan yearly to keep receiving the advantages.
What are the Differences Between Individual and Family Floater Insurance Plans?
The differences between individual and floater cover insurance plans are:
| Parameters | Family Floater | Individual |
| Premium | The premium for these policies is determined by the age of the eldest family member who will be insured under the policy. | In this case, the premium will be determined based on the age of the individual who wants to get insured. |
| Sum Insured | The entire family is under one policy. This sum insured will keep coming down when any of the members make a claim. | Since the sum insured is meant for the insured individual, only the sum insured will be affected only if he or she claims it. |
| Coverage | The coverage will extend to the primary insured individual’s spouse and minor children, and some insurance companies also include parents and siblings in the coverage as well. | As the name suggested, this insurance will provide coverage only to the insured individual. |
Taxation Benefits Under Family Floater Health Insurance Plans
Family floater insurance policies are the best for claiming tax benefits and they are also 15%-20% cheaper than individual policies.
As per section 80D of the Income Tax Act, policyholders can claim tax benefits for making premium payments up to Rs 55,000. This includes Rs 30,000 for senior citizen parents and Rs 25,000 for self.
Who Should Buy a Family Floater Health Insurance Plan?
These family floater insurance policies are suitable for individuals who are married and have kids. Say for example a married individual with two kids should buy a family floater plan instead of buying 4 individual plans. Generally, individual plans will not be required if all 4 members of the family are more or less healthy and do not require to visit the doctor or get hospitalized often.
However, if the individual has senior citizen parents then he should buy individual policies for them even though they will be included in the family floater as elderly people have a high chance of falling ill easily.
How to Choose an Appropriate Health Insurance Policy?
To choose the right health insurance policy, follow the tips below:
- Choose maximum coverage that meets the medical needs of each family member. It is ideal to compare plans based on costs and benefits.
- Settle for family floater plans rather than individual ones as the former comes with a series of benefits at an affordable rate.
- Select a plan that offers lifelong renewability.
- It is desirable to choose an insurance provider that comes with a wide grid of network hospitals. This will enable you to get treatment at any time and place you want.
- You must look for an insurer with a high claim settlement ratio. Therefore, you will need to conduct proper research before choosing an insurance provider and health insurance policy.
Exclusions under Family Floater Health Insurance Plans
Floater health in health insurance offers a number of inclusions considering a policyholder’s benefits. However, there are some exclusions under this policy. They are as follows:
- Sexually transmitted diseases
- Fertility treatments
- Expenses arising due to routine medical check-ups
- Treatment expenses concerning gender change surgery
- Expenses incurred from artificial life support
- Plastic surgery, aesthetic treatment costs
- Costs of treatment for mental illness, psychological disorder, etc.
- OPD treatment expenses
- Treatment of injury caused due to breach of law
- Illness treatment due to substance abuse
- Self-inflicted injury
Why Should You Consider Purchasing the Family Floater Insurance Plan Online?
While purchasing family floater insurance policies online individuals can compare all the policies available from various insurance providers. Individuals can choose the most ideal policy after comparison based on their budgets and requirements. Moreover, buying insurance policies online is extremely convenient and saves a lot of time.
Claim Process of a Family Floater Health Insurance Plan
Policyholders can raise cashless and reimbursement claims on their medical treatment expenses under a floater plan.
1. Cashless Claim
Here are the steps to follow to file a cashless claim:
- Step 1: Visit the insurance desk of the network hospital.
- Step 2: Submit an ID card.
- Step 3: You should fill up a pre-authorised form and submit it.
- Step 4: The Third Party Authority (TPA) will verify the documents and approve cashless claims.
- Step 5: Some insurers assign a field executive to ensure hassle-free claim procedures.
2. Reimbursement Claims
For reimbursement claims, follow the given steps:
- Step 1: Once discharged, a policyholder must clear the hospital bill and collect the original documents.
- Step 2: After obtaining a reimbursement claim form, one should fill it up and submit it to the insurer’s claims team or the TPA. He/she must also attach original copies of hospital bills, reports, and other required documents.
- Step 3: Once the TPA or the insurer validates and clears the claim, a policyholder will receive the reimbursement.
Insurance providers like Navi offer cashless claims in under 20 minutes if you apply for insurance via their app. Download the Navi App to buy a plan to secure your family from any kind of medical emergency.
Documents Required to Raise a Claim Under Family Floater Insurance Policy
While raising a claim for family floater insurance policies the person claiming the coverage should provide the following documents:
- Duly filled and signed insurance company’s claim form
- Discharge summary of the patient
- Doctor’s prescription and bills
- Hospital authority stamped and signed hospital bills
- Prescription bills from hospital/pharmacy
- Test reports like blood tests, X-rays, urine tests and more
- Any other relevant documents if available
Points to Consider before Buying a Family Floater Insurance Plan
Look out for the following pointers before planning to invest in a floater health insurance policy:
- Renewability age
Several insurance providers offer a maximum upper age cap on a floater plan. However, as per the Insurance Regulatory and Development Authority (IRDA), most insurers provide lifelong renewability. - Sub-limits
It is advisable not to get carried away with the sum insured of a plan because there may be sub-limits of sub-categories. For instance, a certain family floater plan may come with a sum insured of Rs.6 lakh, but there might be a sub-limit on medication for Rs.60,000 or Rs.80,000 for pre and post hospitalization. Hence, it is important to check the sub-limits before selecting a plan. - Policy term
The policy term for a certain health insurance plan varies across insurance providers. Therefore, policyholders must check the details before purchasing a plan. - Reinstatement benefit
One might wonder what happens when the assigned sum insured gets exhausted before the end of the policy term. In such a scenario, the reinstatement benefit will kick in and refill the sum insured amount before the term ends. Thus, one must look for this feature in a plan before buying it. - Value-added features
Like other health plans, floater health insurance policies have several add-ons for a policyholder’s convenience. It is vital to check these add-on covers before choosing a plan.
Navi Health Insurance comes with a range of benefits that make it ideal among insurance providers. Some of the reasons why you should choose Navi for a floater plan are as follows:
- Navi Health Insurance Policy covers 20+ health benefits.
- Sum insured between Rs. 2 lakh to Rs. 1 crore for individuals and families.
- 10,000+ network hospitals in more than 400 locations in India.
- 97% claim settlement ratio.
- Cashless claims within 20 minutes.
Also Read
Final Word
You can conclude from the above sections that family floater health insurance policies are much more lucrative than individual plans. Obtain a family floater insurance policy to ascertain the wellbeing of your entire family at an affordable premium payment.
FAQs
Ans: You need to furnish the following list of documents during the insurance purchase:
• KYC documents
• Age proof
• Photograph
• Medical reports
Ans: A policyholder, his/her spouse, dependent children till 25 years, senior parents, and in some scenarios, parents-in-law are included in this policy.
Ans: The waiting period varies across insurers. However, a minimum of 30 days waiting period is common for any plan.
Ans: Under family floater insurance the primary insured individual and his or her family will be covered. This includes spouses and dependent children. Some health insurance companies also cover parents, parents-in-law and siblings.
Before you go…
How about an affordable health insurance policy 👨⚕️ starting at a monthly premium of just ₹235? Install the Navi app now and get your policy in under 2 minutes.
Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
Health Insurance Knowledge Base
